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Lending and Fintech NewsWed, 20 Mar 2019 19:04:46 +0000en-UShourly1https://wordpress.org/?v=4.9.10https://news.lendit.com/wp-content/uploads/cropped-Favicon_32X32_Fintech_v002-012-32x32.pngPersonal Financial Management – LendIt News – Daily Fintech Industry Newshttps://news.lendit.com
3232Fifth Third Relaunches Dobot App to Help Customers Savehttps://news.lendit.com/2019/02/25/fifth-third-relaunches-dobot-app-to-help-customers-save/
https://news.lendit.com/2019/02/25/fifth-third-relaunches-dobot-app-to-help-customers-save/#respondMon, 25 Feb 2019 21:37:51 +0000https://news.lendit.com/?p=16057Dobot was launched in 2016 and was acquired by regional bank Fifth Third Bank last year; the app is designed to help customers save for larger purchases or unexpected expenses; the difference with Dobot and other apps is they don’t allow a user to gain access to the money right away; this twist is what Fifth Third Bank hopes will help to differentiate their app from others in the market; personal financial management apps have become a core customer offering in the last few years as many banks and fintechs looks to improve their customers financial well being. Source.
]]>https://news.lendit.com/2019/02/25/fifth-third-relaunches-dobot-app-to-help-customers-save/feed/0Real Disruption is Happening in Financial Managementhttps://news.lendit.com/2019/02/08/real-disruption-is-happening-in-financial-management/
https://news.lendit.com/2019/02/08/real-disruption-is-happening-in-financial-management/#respondFri, 08 Feb 2019 18:03:03 +0000https://news.lendit.com/?p=15960There is a growing trend in fintech that shows where the most disruption is happening, financial advice and management; while digital banks have received the most publicity the percentage of new accounts opened at neobanks was 0.014 percent; firms like Acorns and Stash have captured the attention of older millennials and generation X; the data shows that these groups are more interested in understanding how to improve their financial lives, not where to get their paycheck deposited; twice as many of these users are more interested in using tools like Acorns or Stash than they are at switching their bank accounts to a digital only challenger. Source.
]]>https://news.lendit.com/2019/02/08/real-disruption-is-happening-in-financial-management/feed/0Charlie Finance Aims to Change Personal Financehttps://news.lendit.com/2019/02/07/charlie-finance-aims-to-change-personal-finance/
https://news.lendit.com/2019/02/07/charlie-finance-aims-to-change-personal-finance/#respondThu, 07 Feb 2019 20:40:27 +0000https://news.lendit.com/?p=15951Charlie Finance doesn’t require an app download, they instead use texts and messenger to interact with clients to help them save money; the startup was designed by gamers who spent time interviewing customers about income, demographics and financial sophistication; what they found was personal finance was really about money, as CEO Ilian Georgiev explained to TearSheet, ““When you talk to people, they talk in terms of verbs, like how do I afford to buy shoes or send my kids to school. They don’t ask how to prevent overdraft, and they don’t need more charts.”; the service is designed to help people better understand their financial lives but in a passive role, let Charlie do the work for them. Source.
]]>https://news.lendit.com/2019/02/07/charlie-finance-aims-to-change-personal-finance/feed/0New Personal Finance Fintech Status Money Provides Users with Cash Rewardshttps://news.lendit.com/2018/12/12/new-personal-finance-fintech-status-money-provides-users-with-cash-rewards/
https://news.lendit.com/2018/12/12/new-personal-finance-fintech-status-money-provides-users-with-cash-rewards/#respondWed, 12 Dec 2018 17:04:44 +0000https://news.lendit.com/?p=15595Startup Status Money is looking to build a potential competitor to Credit Karma and Mint by offering customers cash rewards when they use Status Money to open a credit card or high yield savings account; the company was founded by two former Citi employees who believe customers should share in the fee revenue in a bid to help customers improve their financial lives; “This is the first program in this space that gives people cash rewards,” founder Majd Maksad said to Business Insider. “These aren’t points or some weird currency, this is real money.”; users can withdraw bonus funds and continue earning as they become financially sound and use more product offerings. Source
]]>https://news.lendit.com/2018/12/12/new-personal-finance-fintech-status-money-provides-users-with-cash-rewards/feed/0Tally Aims to have their App Become an Invisible Part of Daily Lifehttps://news.lendit.com/2018/12/06/tally-aims-to-have-their-app-become-an-invisible-part-of-daily-life/
https://news.lendit.com/2018/12/06/tally-aims-to-have-their-app-become-an-invisible-part-of-daily-life/#respondThu, 06 Dec 2018 16:37:29 +0000https://news.lendit.com/?p=15555The founders of personal finance app Tally say they want the service to become as invisible as a washing machine as they intend to utilize technology to make financial decisions for customers; the company has raised $42mn in recent years and has spent about 3 years building the technology and getting licensed in states that serve about 75 percent of the U.S. population; “It will be so present, we won’t even know it exists,” Tally CEO Jason Brown said to Business Insider. “We will have a world where all of your financial decisions and financial work will be done invisibly.”; Tally is looking to attack the more than $1tn in household credit card debt which in many cases leads to stress and depression. Source.
]]>https://news.lendit.com/2018/12/06/tally-aims-to-have-their-app-become-an-invisible-part-of-daily-life/feed/0Goldman Sachs Backs Argentinian Mobile Banking Startuphttps://news.lendit.com/2018/10/10/goldman-sachs-backs-argentinian-mobile-banking-startup/
https://news.lendit.com/2018/10/10/goldman-sachs-backs-argentinian-mobile-banking-startup/#respondWed, 10 Oct 2018 18:11:10 +0000https://news.lendit.com/?p=15143Ualá is a one year old startup which offers a personal financial management app linked to a prepaid MasterCard; the company has issued 400,000 cards so far in hopes to include more people in the financial system; 50% of people in Argentina have never had a card before, operating instead on cash; The $34 million funding round was led by Goldman Sachs venture arm; existing investors included George Soros’ family office and Point 72 Ventures; Goldman Sachs provided over half of the capital in the round. Source
]]>https://news.lendit.com/2018/10/10/goldman-sachs-backs-argentinian-mobile-banking-startup/feed/0Announcements & Releases for October 8, 2018https://news.lendit.com/2018/10/08/announcements-releases-for-october-8-2018/
https://news.lendit.com/2018/10/08/announcements-releases-for-october-8-2018/#respondMon, 08 Oct 2018 15:55:17 +0000https://news.lendit.com/?p=15124Where personal financial management tools fall short

]]>https://news.lendit.com/2018/10/08/announcements-releases-for-october-8-2018/feed/0PFM Company ‘Even’ Raises $40 Millionhttps://news.lendit.com/2018/07/24/pfm-company-even-raises-40-million/
https://news.lendit.com/2018/07/24/pfm-company-even-raises-40-million/#respondTue, 24 Jul 2018 19:35:24 +0000http://news.lendit.com/?p=14433The series B funding round was led by Keith Rabois of Khosla Ventures; Even has taken a different approach than other personal finance focused companies by focusing on employer relationships; they integrate with different systems such as attendance, payroll and bank systems to help consumers improve their financial well being; one feature allows employees to access earned money prior to payroll; Even currently has a partnership with Walmart where 200,000 employees use the app regularly. Source
]]>https://news.lendit.com/2018/07/24/pfm-company-even-raises-40-million/feed/0UK Customers Trust Banks but Done Engage with Themhttps://news.lendit.com/2018/05/11/uk-customers-trust-banks-but-done-engage-with-them/
https://news.lendit.com/2018/05/11/uk-customers-trust-banks-but-done-engage-with-them/#respondFri, 11 May 2018 14:08:24 +0000http://news.lendit.com/?p=13314According to a new study by Accenture 40 percent of consumers in the UK trusted banks, up from 29 percent in 2015; customer satisfaction was also up to 70 percent, a jump of 5 percent since 2015; consumers who visit a branch once a month fell to 32 percent in 2017 from 52 percent in 2015; consumers who use mobile banking regular remained at 34 percent, pointing to a concerning trend for banks; trust and satisfaction numbers are up, but engagement numbers are down significantly as banks compete with other digital entrants; adding more features like PFM tools and financial advice can help banks to better engage consumers who are doing more of their banking online. Source.
]]>https://news.lendit.com/2018/05/11/uk-customers-trust-banks-but-done-engage-with-them/feed/0PFM Apps in Europe Take Off with Open Bankinghttps://news.lendit.com/2018/03/12/pfm-apps-europe-take-off-open-banking/
https://news.lendit.com/2018/03/12/pfm-apps-europe-take-off-open-banking/#respondMon, 12 Mar 2018 19:35:12 +0000http://news.lendit.com/?p=12409U.K. based personal financial management app Emma recently launched in December and has struck data sharing deals with Starling Bank and Monzo; the app also works across 17 banks to screen scrape data as the banks work towards compliance with open banking; Emma is a budgeting app that helps customers avoid overdrafts and sees a big opportunity with the open banking regulations; “We’re building a tech company, and we understand that the data [play] goes beyond just overdrafts — it’s about understanding when certain events happen, money can be saved or invested,” said Emma founder and CEO Edoardo Moreni to TearSheet. Source.]]>U.K. based personal financial management app Emma recently launched in December and has struck data sharing deals with Starling Bank and Monzo; the app also works across 17 banks to screen scrape data as the banks work towards compliance with open banking; Emma is a budgeting app that helps customers avoid overdrafts and sees a big opportunity with the open banking regulations; “We’re building a tech company, and we understand that the data [play] goes beyond just overdrafts — it’s about understanding when certain events happen, money can be saved or invested,” said Emma founder and CEO Edoardo Moreni to TearSheet. Source.
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